The increased use of AI in financial services is inevitable, but for it to fully flourish, many issues must be addressed, including legal, educational and technological ones. As they get resolved, several factors will still increase use in the interim.
The question of consciousness goes to the root of why we build, what we create, and how we decide what is valuable and what is not. And if we can control our self-conception and the modeling we do of the world, the texture of life becomes better. A recurrent theme in our writing is that systems don’t care about their agents per se. There are many game theoretical equilibria where agents suffer, but systems perpetuate. So figuring out how an agent within a system reflects on happiness is paramount.
While statistics vary year by year, there was a 79 percent increase in document fraud in 2022. Such a number doesn't come as a surprise to Inscribe fraud analyst Daragh McMeel. A rise in fraud rates often occurs when the economy travels an uncertain and difficult path.
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AI GPT, is known for its "generative" attributes, but the transformer model underlying its evolution could make the biggest impact.
Artificial intelligence (AI) can significantly improve loan decisioning accuracy, but several factors must be considered to maximize that effectiveness. Luckily, given some care and consideration, Zest AI’s chief legal officer Teddy Flo said they can be easily applied.
Instead, we are going to tap again into a new development in Art and Neural Networks as a metaphor of where AI progress sits today, and what is feasible in the years to come. For our 2019 “initiation” on this topic with foundational concepts, see here. Today, let’s talk about OpenAI’s CLIP model, connecting natural language inputs with image search navigation, and the generative neural art models like VQ-GAN.
Compared to GPT-3, which is really good at generating language, CLIP is really good at associating language with images through adjacent categories, rather than by training on an entire image data set.
Instead of modifying decades-old transaction infrastructure, Spade provides better fraud protection by creating a new system. Customers like Sardine, Mercury, Unit and Ramp have improved their fraud models by more than 15% using Spade's real-time merchant intelligence for the card ecosystem.
'The real power is that AI can actually predict or detect patterns of behavior and suspicious activity that would take a lot longer for traditional methods to uncover.'
Generative AI (GenAI) is the topic of the year, as more institutions turn to investment in the technology. This is just the beginning.
Findings from a new Google Cloud survey on sentiment around generative AI among banking executives.